Canaan (NASDAQ:CAN) Shares Down 4.6% – What’s Next?

Shares of Canaan Inc. (NASDAQ:CAN) traded down 4.6% during trading on Thursday . The stock traded as low as $1.85 and last traded at $1.85. 1,926,433 shares traded hands during trading, a decline of 85% from the average session volume of 13,280,208 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. Rosenblatt Securities increased their target price on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a market capitalization of $565.98 million, a price-to-earnings ratio of -1.49 and a beta of 3.27. The stock has a 50 day moving average price of $2.14 and a 200-day moving average price of $1.41.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently modified their holdings of CAN. State Street Corp boosted its stake in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares during the last quarter. Virtu Financial LLC lifted its stake in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the second quarter valued at about $34,000. Finally, Commonwealth Equity Services LLC increased its holdings in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

About Canaan

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.